All Forum Posts by: Jennifer Rysdam

 Yep. The more I go through this process "with" them the more shady it's getting. Now they tell me that I need to have an accepted offer before they'll provide any financials! I think I'm going to end up passing on this one. Who knows what else is wrong with it. Someone is just looking for a sucker and it's not me. They payd $450,000 for it and now want $1.62 million! FOR WHAT? I texted the guy last night, whoever he is, and told him the issues I've discovered and what I know. I haven't heard back, lol! Such a waste of my time though.
I'm sorry that you are having to go through such a mess. Zoning told me they'd have to go through the whole system with a camera and then dig up the bad spot. He said it would cost about $200,000!

I just wanted to update. I talked to zoning today and apparently they are currently in violation for not having any storm shelters. They also have a crack somewhere in the city sewer line that is letting rainwater into the system and creating enough issues that the city has to shut down the lifts during rainstorms. Zoning estimated that to be a $200,000 repair.
I looked up the records and found out that they paid $450,000 for this park 5 years ago!! They are asking $1.62! The zoning guys busted a gut when I told them that, lol! Obviously nothing has been done to improve the park at all. Just a cash cow for some guy in Georgia (we're in MN). Ooh, AND apparently there are 30 home titles that were never transferred from the last owner! The current owner sold them to the tenants and never got anything transferred.
SO I'm thinking of offering $500,000 and acknowledging all of the unmentioned issues in my offer, hoping they'll realize that they need to just take it and move on. I'm working on financing through some government funding sources because I can't imagine a bank would be interested. Still excited about it though. This is the stuff I live for, lol!

Yes. I include an entire package. Fridge, stove, hood, dishwasher, washer, dryer, and sometimes microwave if there is a specific spot for it. NOTHING makes a kitchen like a nice, new set of appliances. The last thing someone wants to have to do after saving up and paying down on a house is to spend $5-10,000 on appliances.

I have used SmartMove from day one and it has worked great for me. Good luck!

@Tina Jenkins

Can she mail it to you or the bank? Sometimes people will give tenants "deposit slips" that they make with only the info the bank would need. You can even give the tenant 12 addressed, stamped, envelopes to mail her check too. It's a lot of hand-holding but sometimes it's necessary for the elderly that don't have all the technology.

@Natalie Kolodij I was telling hubby that I would probably go and talk to the local mobile home dealers and see what they could do to help people out. Maybe even have a meeting at the park to hand out info on how to afford a new/newer trailer. Maybe even help some people afford sheds to put their outside stuff in. 
Lease to own is a good idea. Once I put down some reasonable rules and anyone moves out I could just put a new/newer trailer in that spot and then offer it to other tenants to purchase on contract. Then move to the one they moved out of. It might take some time, but I think it would be a great way to turn the place around. I could also turn a few into RV spots.

@Natalie Kolodij @Jason D. @Jim Tassoni All but 4 are tenant owned. The park owned ones are newer. Everyone is on month to month leases. The last property I bought was an 8-plex that had ended it's Section 8 housing contract. Most were still paying only 30% of their income, which was $150 for some of them. I had to do a lot of house cleaning there. I have a feeling this one will be similar, just on a larger scale. I also have a feeling that's why they are selling it. It's a tough position to be in.

Hi everyone. I'm looking at a 42 spot, 100% full, mobile home park that checks out financially at 8% cap rate. The financials don't bother me at all. However, we just drove through it and the trailers are for the most part HORRIBLE! Old, rusty, missing/boarded/plastic covered windows and/or doors, decks falling apart, bad roofs, etc. 4 of them are park owned - and are newer. We saw one "Beware of Dog" sign and several roaming cats. This looked more like a trailer park junkyard than someone's homes. The park itself was well kept, but the trailers and their "yards" were not. There were also 2 of the newer ones (probably the park owned ones) with signs that said "Rooms for Rent". All of the spots are big enough for double-wides and there are a few of them there too.

I'm completely new at this trailer park shopping thing. For those of you that have experience, what would you do if you were to purchase it? I would like to inspect each home (exterior) and give a list of repairs to be done and when they need to be done by, however I don't know how well that would go over. I'm thinking of contacting local dealers and seeing what the market is for new trailers and if people are looking for spots or if it's a take-whoever-you-can-get market. I certainly don't want all of these people to decide it's not worth the effort and take off and leave me with their messes, but I also would like these places to look at least slightly decent if I were to buy it. I can't imagine there are many that have any value in them right now. 

Any advice/experience would be appreciated.

Depends on what type of countertops. I put in laminate, so I do the drop-in sinks because the inside edge of the cutout isn't finished. There are some pretty nice drop in ones. In my own house I have a stainless, single bowl, apron sink with the pull down faucet. I love it!

I just get a construction type loan from my local bank. They pay for the property plus my detailed estimate of my repairs. I just finished a flip. The house purchase was $54,500, and the bank gave me a total loan of $75,000.